Ferrari don’t regret not signing Lowe

Ferrari president Sergio Marchionne does not regret the decision not to sign Mercedes Formula One team's executive director (technical) Paddy Lowe.

The team has undergone a major shake up on the technical front after James Allison quit and was succeeded by Mattia Binotto as head of the team's engine department.

Marchionne expressed confidence in the Ferrari team and feels the unit they have can compete for glory in 2017.

"We had a proposal, but that role was covered. We don't need a Ross Brawn-type of hero who solves all problems," Marchionne quipped according to Autosport when asked about Lowe's potential availability.

"All together, working in the right way, we can make it. I don't want to continuously change the team. We have two drivers who have been world champions, a great will to win, a restructured team who is now better able to react development-wise," he added.

"We wanted to reform the team, and most of all make it more transparent with its exchange of information. Now there is the one team, regardless of the departments and the competences, just like the car is one – it's never been this way in the past."